Employee engagement and looking after your people
A culture built on the foundation of rewards and recognition is proven to build employee engagement, drive retention and attract top talent, while simultaneously reducing attrition and turn-over.
It makes good business sense to nurture a culture of employee engagement, and it’s hard to argue with the numbers
- Disengaged employees estimated to cost the Australian economy $305 billion each year due to lost productivity – an average of $26,300 per worker
- Non-cash incentives have been proven to be 24% more powerful at boosting performance than cash incentives.
- In Australia, online search volume for experiences is in the billions each year.
- Those businesses defined as ‘experiential’ are four times more profitable, have two times higher average revenues and boast 40% lower turnover.
- Employers who invest in a great employee experience outperform others by 122% on key success metrics.
- Companies ranked in the top 25 per cent on employee engagement report nearly three times the return on assets and double the return on sales compared to organisations in the bottom quartile.
So at a time when every business is looking to establish a competitive advantage, taking care of your greatest assets – your people – is a powerful means of doing just that.
Recognition builds employee engagement, drives retention and assists in the acquisition of top talent. At the same time, a culture built on the foundation of thanks is proven to reduce attrition and regrettable turn-over. In fact, 69 per cent of employees would work harder if they felt their efforts were better appreciated.
So where do experiences come in?
Shared experiences create moments of bonding, camaraderie and understanding between individuals and teams. They create social currency and talkability about your brand. And it’s these stories that create culture and folklore. That’s how brands are built in the hearts and minds of both the people inside your business as well as customers.
More than that, people want experiences – more than ‘things’ and more than at any other time in history. In fact, 31% of household income is now spent on things to do, including travel, dining and entertainment.
That’s why RedBalloon for business implements strategies that are based on the power of experiences to drive employee engagement, celebrate moments and create memories that build trust and connection which ‘things’ cannot.
To find out more about how the RedBalloon for Business team can help you reward and recognise your people, contact us today.